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Tuesday, October 4, 2016

eKYC for Mutual Funds

eKYC in MFs


The Securities and Exchange Board of India (Sebi) has issued guidelines under The Prevention of Money Laundering Act, 2002 (PMLA) which requires investors to be KYC (Know Your Customer) compliant before investing in mutual funds. Completing KYC for investors was a major hurdle for distributors to get investors on board. To solve this problem, Sebi has launched eKYC in mutual funds.

What is eKYC in MFs?


eKYC is a paper less Aadhaarbased process for fulfilling KYC requirement to start investing in mutual funds (MFs).

This has been imple mented after Sebi recently allowed Aadhaar based KYC to be used for MF investments, for the convenience of inves tors. Karvy and CAMS on have facilitated eKYC for investors in MFs.

How does eKYC work and what are the benefits?


The regular KYC process re quires submission of KYC form with investor signature and additional documents for ID and address proof. IPV and sighting the original documents needs to be completed by a competent person. eKYC completely eliminates paper work and IPV to complete the KYC process. CAMSKarvy as a KYC User Agency (KUA) is approved by UIDAI to accept investor's Aadhaar number and complete KYC verification with one time password (OTP).

What does an investor need to get this process initiated?


Investor can visit the website of CAMS or Karvy . He needs Aadhaar number, PAN number and personal details such as mobile number and email-id. Mobile number is mandatory . He can authenticate himself by receiving OTP on mobile number.

What is the maximum amount of transaction one can make through OTP-based eKYC?


Sebi, the regulatory body, has provided guidance to restrict investments to `50,000 per annum per MF for OTP-based eKYC.However, in case of more investment, the investor needs to do IPV or biometric-based authentication. That can be done through a distributor, or at any office of CAMS / Karvy 



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